Opec

A permanent intergovernmental organization founded in September 1960 that aims to coordinate and unify petroleum policies among member countries.

Organization of Petroleum Exporting Countries (OPEC)

OPEC Member countries:

Iran, Iraq, Kuwait, Saudi Arabia, UAE, Qatar, Indonesia Libya, Algeria, Nigeria, Gabon, Angola, Congo, E. Guinea, Venezuela, Ecuador

Rank of the Philippines in Global Oil Reserves and how many barrels of oil reserves does it have?

64th 138,500,000 barrels

Stages of Petroleum Exploration:

1. Pre concession work 2. Concession round 3. Exploration 4. Exploratory drilling, appraisal and development 5. Production and maintenance 6. Abandonment

Petroleum Exploration Phases:

A. Reconnaissance survey B. Geologic mapping C. Seismic surveys

Basin analysis and regional assessment within a desired area is done.

Pre concession work

The period where exploration companies submit bids for service contracts to DOE.

Concession round

Active period of field exploration for petroleum.

Exploration

Regional assessment and data acquisition are done through satellite images for remote sensing, gravimetric, and airbone magnetic surveys.

Reconnaissance survey Conducted for petroleum play evaluation and prospect evaluation for identification of drillable prospects and leads.

A trap with reservoir rock where petroleum is predicted to accumulate.

Prospect

Potentially containing an economic amount of petroleum but lacks sufficient date to prove it.

Lead

Area within the basin where the specific geological attributes necessary for the existence of petroleum accumulation exist.

Play fairway

A form of drilling used for onshore or offshore drilling that utilizes a rotating bit at the end of a hollow steel tube with teeth that gouge or chip the rock at the bottom of the borehole.

Rotary drilling

The acquisition of cylindrical drill cores to determine lithologies and structures in the subsurface.

Coring Chemical analysis of petroleum that determines the source, and maturity of the fluids present.

Estimated quantities of petroleum that are not currently economically extractable but many potentially be recoverable in the future.

Contingent Resource

Potentially recoverable amounts of petroleum from undiscovered accumulations.

Prospective Resource

The total amount of oil present before production.

Stock Tank Oil originally in place (STOOIP)

Types of Drill Rigs:

1. Submersible inland barges 2. Land rigs 3. Jack up rigs 4. Submersible 5. Drillship 6. Semi

Barges for drilling located offshore bounded inland.

Submersible inland barges

Inland drilling rigs.

Land rigs

Drilling rigs for offshore operations with water depths of about 100m or 500ft.

Jack up rigs

Drilling rig platforms for shallow waters that can be sunk onto the seabed.

Submersible

A floating rig where a derrick drilling rig is mounted on a ship that’s being kept on location by anchors or propellers. Operates at water depths up to 12,000 ft.

Drillship

A floating rig with three or more floodable caisson legs that are stabilized by anchors. Operates at water depths up to 10,000 ft.

Semi submersible

Decommissioning of drilling rigs by plugging and abandonment of wells, removal or sinking of facilities, or through retrofitting of drill rigs.

Abandonment

When did the first exploratory drilling occur?

1896 Toledo-1, Cebu

Drilled a total of 281 wells for exploration and development with offshore NW PALAWAN BEING THE MOST PROLIFIC.

1973-2018

Year of enactment of the PD 87, the Oil Exploration and Development Act of 1972.

1985

What are the 5 Fields that are in production that supplies 40% of the energy requirement in the Luzon Grid?

1. Malampaya 2. Galoc 3. Nido 4. Matinloc 5. Malampaya